VANCOUVER, BC / ACCESS Newswire / May 6, 2025 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQB:GECSF) today announced that its subsidiary, GEC Education Mega Center Limited Partnership, has entered into various agreements with Pure Group of Companies ("Pure Group") to develop the flagship GEC Education Mega Centre ("EMC") project in Surrey, British Columbia. The construction budget for EMC is $330 million. The transaction completed effective May 1, 2025.
The agreements entered into establish the framework for a collaborative relationship between GECC and Pure Group by outlining their respective roles and responsibilities in the development, construction and operations management of EMC. Pure Group and GECC will be co-GP of the EMC project. Pure Group will be responsible for the development, financing, construction and asset management. Upon completion, GECC will manage the EMC under the GEC® brand, making available rental accommodations to 1,380 occupants, including educational staff and Canadian and international students who are working and studying at nearby schools such as Simon Fraser University, Kwantlen Polytechnic University, Douglas College, Sprott Shaw College, and the upcoming UBC Surrey Campus.
About EMC:
EMC is strategically located at the heart of Surrey's education hub, within:
100 metres of the Surrey Central SkyTrain station and the future Simon Fraser University Medical School
150 metres of Simon Fraser University (Surrey Campus) and Kwantlen Polytechnic University (Surrey Central Campus)
Less than 2 kilometres from Douglas College (Surrey), Sprott Shaw College (Surrey), and the future University of British Columbia (Surrey) campus
7.6 kilometres from Douglas College (New Westminster) and 7.7 kilometres from the Justice Institute of BC
There are at least 14 public and private colleges and universities within the City of Surrey, B.C. and none of these schools provide housing for their students or staff.
The Development Permit with the City of Surrey allows a 49-storey mixed-use tower, featuring one floor of retail space, two floors of commercial space (preleased to GECC's subsidiary schools ), 43 floors of market rental residential units accommodating 1,380 occupants, and three amenity and mechanical floors. Aligned with GECC's established business model, the market rental units will be student-centric, fully furnished, and offer regular housekeeping, enhanced security, and comprehensive amenity spaces. Amenities will include an electronic library, video conferencing facilities, a fitness center, a quiet lounge, a coffee shop, a games room and computer labs. Notably, EMC will also allocate market rental units to faculty and staff of GECC's educational partners, providing a convenient and secure living environment adjacent to their workplaces.
"We are pleased to partner with Pure Group on this significant project, which aims to improve the lives of students coming to Metro Vancouver from across Canada and abroad," stated Toby Chu, Chairman, President, and Chief Executive Officer of GECC. "The housing crisis in Metro Vancouver, with rental vacancy rates at 0.8% according to the CMHC's Fall 2024 report*1, presents a severe challenge for local rental tenants. The impact on students is likely even more pronounced. GEC's Education Mega Center represents a meaningful step towards addressing this critical issue. Partnering with experienced financial and investment partners like Pure Group will enable us to accelerate the development of additional GEC® student rental properties throughout Metro Vancouver and beyond."
"We are excited to bring our extensive development and financing expertise to the GEC Education Mega Centre project", added Steven Evans, President & CEO of Pure Group of Companies. "Our team will ensure this landmark development is delivered on time, within budget, and to the highest quality standards. We are big believers in the importance of Central Surrey's position in Metro Vancouver, and the timing aligns well with the Surrey-Langley Skytrain expansion, new Cloverdale Hospital, and the expansions of SFU and UBC. We look forward to collaborating with GECC to deliver much needed student-centric housing and contribute to the remarkable development of Surrey's City Centre."
About Pure Group of Companies:
Pure Group is a Canadian-based real estate investment and development firm. Over the last 20 years, Pure Group has achieved success across North America through the Pure Industrial Real Estate Trust (PIRET), Sunstone Opportunity Funds, and Pure Multi-Family REIT. These platforms monetized $6.4B of properties, including over 9,000 residential units, more than 20 million square feet of industrial space and 50 retail assets. Since 2020, Pure Group has refocused on targeting multi-family development opportunities in British Columbia. Pure's seasoned team of Principals has many decades of experience across all real estate segments including development, finance, appraisal, leasing, construction, accounting, and property management.
About GECC, a Leader in Education and Student Housing:
Since 1994, GECC has established itself as a leading player in the Canadian education and student housing sector, serving both domestic and international markets. GECC offers a comprehensive range of services, encompassing business and language colleges, student-centric rental apartments, recruitment services for educational opportunities, and a network of campuses and offices across 40 locations.
Through its subsidiaries, GECC provides a holistic educational experience for over 10,000 students annually. These subsidiaries include established institutions like Sprott Shaw College (founded in 1903), Sprott Shaw Language College, Vancouver International College, and CIBT. These subsidiaries offer programs covering healthcare, business, and technology.
GECC also addresses student housing needs through its subsidiary, Global Education City Holdings Inc. ("GEC"). GEC focuses on developing and managing student-centric rental apartments and education super- centres in Metro Vancouver, boasting a portfolio exceeding $1.3 billion, including operational properties and projects under development.
GECC also owns Global Education Alliance Inc. ("GEA"), a subsidiary that specializes in placing students in elite North American schools and universities, and Irix Design, a leading design and media communication company based in Vancouver, Canada.
Visit GECC online at www.GEChq.com and www.GECliving.com to explore our services and watch our corporate video.
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information (the "forward-looking statements") about the Company and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, that partnering with experienced financial and investment parties like Pure Group will enable the Company to accelerate the development of additional GEC® student rental properties throughout Metro Vancouver and beyond. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause GECC's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, economic factors and monetary policy and the risk factors identified in the MD&A forming part of the 2025 Q2Financial Report. Forward-looking statements are based on the beliefs, opinions and expectations of GECC's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
SOURCE: Global Education Communities Corp
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